Apollo Gold Updates Proven and Probable Ore Reserves.

DENVER -- Apollo Gold Corporation (Apollo or the Company) (AMEX:AGT) (TSX:APG) is pleased to provide an update to the proven and probable reserves of the Company. Updates to the reserves of the Company's U.S. operations are provided at this time with an update to the Black Fox Project proven and probable reserves expected in the second half of 2005. The reserves were estimated using a gold price of US$375 per ounce and have been audited by Mine Development Associates (MDA) of Reno, Nevada.

Proven and Probable Reserves - Gold Ounces (Audited)

Ounces of Gold     December 31, 2004   December 31, 2003   Increase
                                                          (Decrease)
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Black Fox Project       457,100(a)          457,100              0
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Montana Tunnels         643,800             692,500        (48,700)
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Florida Canyon          263,600             374,393       (110,793)
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Standard Mine Project   442,400             404,100         38,300
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Apollo Gold - Total   1,806,900           1,928,093       (121,193)
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(a) Not updated at this time -- Unchanged from December 31, 2003 -- Gold price US$350/oz

R. David Russell, President and CEO of Apollo, commenting on the gold reserves for the Company, stated: "Our goal is to continue the successful conversion of the mineralized material into gold reserves. Although we have conducted extensive drilling during 2004 (84,000 meters) at Black Fox we will only update the ore reserves as part of the feasibility study which will be completed later in 2005. I expect the reserve conversion for Black Fox to be significant and add to the Company's overall ore reserve portfolio."

Apollo owns or controls all areas associated with the stated reserves and has received permits or is in the process of obtaining permits for all of the stated reserves. The company expects to receive required permits on a timely basis.

Black Fox Project

Gold reserves for Apollo's Black Fox Project near Timmins, Ontario, Canada, were not updated from the previous year since the Company is currently working on a feasibility study for the project. The study is expected to be completed later this year at which time a new reserve estimate which will include the underground mineralization will be released.

The original Canadian National Instrument 43-101 (NI 43-101) Standards of Disclosure for Mineral Projects report was filed by the Company for the Black Fox project on March 25, 2004.

Black Fox Proven and Probable Reserves (As of December 31, 2003, and Based on Technical Report filed March 25, 2004) -- Open Pit Mine of 2,953,000 tonnes (3,255,092 tons) with a grade of 4.81 grams Au/tonne (0.140 oz Au/ton) and 457,100 ounces of gold have been developed for the project. Additional mineralized material is estimated to contain 1,441,900 tonnes (1,586,090 tons) with a grade of 4.78 grams Au/tonne (0.14 oz Au/ton) at this time. All proven and probable reserves as well as mineralized material estimates have been high grade capped at 120 gm Au/tonne (3.5 oz Au/ton).

As of December 31, 2003, a total of 11,050,000 tonnes (12,180,000 tons) of alluvium pre-strip material and 44,048,000 tonnes (48,554,500 tons) of rock waste material would be mined out in the current proposed open pit configuration. The mine strip ratio would be approximately 14.9 tonnes of rock waste for every 1 tonne of ore (SR 14.9:1).

The design mining rate for the proposed open pit mine would be 1,500 tonnes of ore per day for more than five years. Annual gold production could average approximately 81,000 ounces over the life of the open pit mine. The proposed open-pit plan would involve owner mining and toll milling for the life of the open-pit mine. If additional reserves are developed, the company would also propose to develop an underground mine with a mill and tailing impoundment facility on site. The company considers the open-pit a stand alone project on an interim mining possibility that demonstrates positive economics and justifies continuing with further studies and permitting. The open pit reserves as of December 31, 2003, are based on a cut-off gold price of US$350/ounce. The feasibility study and the updated ore reserve summary will use US$375/ounce of gold. An updated NI 43-101 report will also be filed as required at this time.

Montana Tunnels

Proven and probable reserves for Montana Tunnels Mining, Inc. near Helena, Montana, are 37,073,200 tonnes (40,865,800 tons) with a grade of 0.55 gm Au/tonne (0.016 oz Au/ton) for a total of 643,800 ounces of gold. These reserves are contained in the existing and proposed pit expansions for the project. Apollo owns all of the land associated with all of the proven and probable reserves listed for the Montana Tunnels Mine. The reserves are based on a cut-off gold price of US$375/ounce. The proven and probable reserves also contain a significant amount of other precious and base metals. There are approximately 8,990,500 ounces of silver, 147,116,900 pounds of lead and 465,870,000 pounds of zinc contained in the reserves.

Included in this year's reserves update are 402,900 ounces of gold contained in the M-pit expansion. In 2004 the permitting program progressed to the stage that Apollo has a high degree of confidence that the needed permits, including an Environmental Impact Statement, will be obtained on a timely basis. Although there is no assurance that such permits will in fact be obtained, Apollo has included the M-pit in the probable reserve category. Further information on the Montana Tunnels mine can be found in the technical report filed last year by the Company on March 25, 2004.

Florida Canyon

The proven and probable reserves are 15,233,900 tonnes (16,792,400 tons) with a grade of 0.538 gm Au/tonne (0.016 oz Au/ton) for approximately 263,600 ounces of gold. These reserves are based on reverse circulation (RC) drilling, sampling, modeling, as well as historic reserve reconciliation to previous models. The Florida Canyon mine has been in production for 16 years and has produced over 1.4 million ounces of gold. The reserves are based on a cut-off gold price of US$375/ounce. A revised NI 43-101 for the Florida Canyon mine will be submitted to and filed on SEDAR by April 15, 2005.

Standard Gold Mine Project

The Standard Gold Mine project is approximately five miles south of the Florida Canyon mine. The mine is currently in the pre-production phase and is expected to reach production in the second quarter of 2005. The proven and probable gold reserves for the project are listed as 23,365,600 tonnes (25,755,900 tons) with a grade of 0.589 gm/tonne (0.017 oz Au/ton) for 442,400 oz of gold. These reserves are based on 92,092 meters (302,063 feet) of RC drilling. Additional reserves of 3,605,800 ounces of silver are also contained in the reserve estimate. The mine is a heap leach oxide gold project similar to the Florida Canyon mine that was used as the cost model for the project. All material is planned to be run of mine (RoM) material placed directly on the heap leach pad with no crushing. The Standard Mine has an overall strip ratio of 1.33 tonnes of waste for every 1 tonne of ore (SR 1.33:1). The reserves are based on a cut-off gold price of US$375/ounce. A revised NI 43-101 for the Standard Gold Mine will be submitted and filed on SEDAR by April 15, 2005.

This press release has been reviewed and approved for release by Richard Nanna, Professional Geologist, and the Company's Vice-President, Exploration and designated "Qualified Person" under NI 43-101.

Neil Prenn, P.E. President and Principal Engineer of Mine Development Associates (MDA), is a "qualified person" within the meaning of NI 43-101 Standards for disclosure for mineral promulgation by the Canadian Minister of Finance, has reviewed this press release for accuracy and completeness and has confirmed that the information relating to minerals contained in this news release were derived from the technical report. The required updated technical reports will be filed on SEDAR and other public forums as required by U.S. and Canadian regulations by April 15, 2005.

About Apollo Gold

Apollo Gold is a gold mining company with operating mines in Nevada and Montana and an advanced stage development project, Black Fox, along the productive Destor-Porcupine Fault east of the Timmins Gold Camp in Ontario, Canada. Apollo has also recently started the Huizopa exploration project in the Sierra Madre Mountains of Mexico. Gold production in 2004 from the Company's three currently operating mines totaled 106,000 ounces of gold production with by-products of silver, lead and zinc. The production targets for 2005 range from 122,000 to 151,000 ounces of gold production as well as by-product metal as in 2004. The Black Fox project could be in production in early 2007 if the feasibility study is successful and necessary financing is obtained. Production at the Black Fox project envisions an open pit as well as an underground mine and milling facility.

Forward-Looking Statements

This press release includes certain "forward-looking statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements regarding potential mineralization, reserves, exploration results, construction and completion, and production dates and amounts, and future plans and objectives of Apollo Gold, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from these forward-looking statements include: the results of independent Canadian NI 43-101 reports, the outcome of assays and additional exploration sampling and drilling efforts, delay in permits or approvals, technical, permitting, mining, or processing issues, the availability of funding on acceptable terms for the future exploration and development of Apollo Gold mines and projects, and other factors disclosed under the heading "Risk Factors" and elsewhere in Apollo Gold documents filed from time to time with the Toronto Stock Exchange, The American Stock Exchange, The United States Securities and Exchange Commission and other regulatory authorities.